James Leddy, the Chief Financial Officer of Chefs' Warehouse, Inc. (NASDAQ:CHEF), a $1.93 billion market cap company, executed a sale of 4,000 shares of the company's common stock on December 12, according to a recent SEC filing. The shares were sold at a weighted average price of $48.85, totaling approximately $195,400. The transaction occurred as CHEF trades near its 52-week high of $49.25, having delivered impressive returns of over 65% year-to-date. Following this transaction, Leddy retains ownership of 145,589 shares. The sale was reportedly conducted for tax and estate planning purposes. InvestingPro subscribers have access to 12 additional key insights about CHEF's valuation and performance metrics.
In other recent news, The Chefs' Warehouse (NASDAQ:CHEF), a premier distributor of specialty food products, has announced a shift to all-electronic stock, reflecting a broader industry trend towards digital management of securities. This move is part of the company's ongoing effort to modernize operations and provide shareholders with easier access to manage their investments. The amendment to the bylaws was formally adopted, as documented in the company's recent 8-K filing with the Securities and Exchange Commission.
In the company's Q3 2024 results, it reported a 5.6% organic growth in net sales, reaching $931.5 million, and a rise in gross profit margin to 24.1%. Specialty sales also saw a 7.5% increase, driven by a 4.7% growth in unique customer accounts. Despite softer demand due to seasonal factors and Hurricane Beryl, the company updated its full-year financial guidance with net sales projected between $3.710 billion and $3.775 billion, and an adjusted EBITDA of $210 million to $219 million.
The Chefs' Warehouse also repurchased $10 million in shares and discussed a term loan of $262 million maturing in 2029 with a reduced coupon rate. The integration of Hardee's is expected to improve EBITDA margins by 20 to 30 basis points. These recent developments indicate the company's focus on market share growth and operational efficiency.
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